For existing longs off recent lows and potentially attractive spots for further recovery. Looking at the yen-crosses, a few of them are at resistance which offers a sign of caution. According to Yujiro Goto, Research Analyst at Nomura:
It appears our initial assessment that EUR’s reaction to Italian politics would be small was generally correct. Market focus is shifting to next week’s monetary policy meetings, where we expect the divergence between the ECB and BOJ to widen further. EUR/JPY has been more sensitive to rate spreads and the expected further divergence in monetary policy should lead to a further EUR/JPY recovery.
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